Industry ministry to undertake major restructuring amid trade uncertainties
Industry Minister Kim Jung-kwan speaks to reporters at the Government Complex Sejong, Dec. 17. Yonhap
The Ministry of Trade, Industry and Resources will carry out its largest organizational restructuring in over a decade to boost its response capabilities to global trade uncertainties and focus on fostering the growth of artificial intelligence (AI) and other advanced industries, officials said Tuesday.
The restructuring plan, the biggest since 2013, was approved at a Cabinet meeting for the start of its implementation next week, according to the ministry officials.
Under the plan, the ministry will create a new department for resource security, which will serve as a control tower for economic and industrial security policies amid heightened supply chain uncertainties sparked by tensions between the United States and China over critical minerals.
It will also newly create two teams dedicated to fostering the growth of the AI industry and promoting the AI transformation of the manufacturing sector.
Another team will be established to better handle trade issues with the U.S., including envisioned industrial cooperation projects under the countries' bilateral trade deal signed earlier this year, while yet another team will be launched to bolster support for defense exports, according to the ministry.
The ministry said it will also strengthen its functions to promote balanced regional growth, boost the competitiveness of advanced industries and streamline regulations to help industrial innovation.
"Building on the capabilities of the reorganized ministry, we will work to successfully implement key national policy tasks, including the promotion of regional growth and corporate vitality," Industry Minister Kim Jung-kwan said in a press release.
"The ministry will take a leading role in ensuring our industries and companies maintain a competitive edge amid intensifying global competition," he added.